New Delhi. It is said that there is not much interest on FD in government bank. Private sector banks or small finance banks give more interest than government banks.
But it is not so, now government banks are also giving a chance to earn huge returns on fixed deposits. The country’s largest public sector bank SBI operates a special investment scheme for senior citizens, We Care (SBI WeCare Special FD).
Money can be doubled directly by investing in this FD scheme. The bank had launched WeCare FD (SBI WeCare Fixed Deposit) with the aim of securing the money of senior citizens during Kovid and giving higher returns with the highest interest rate in return. The bank has said that senior citizens will be able to invest in this special FD scheme till 30 September 2023.
Opportunity to get 7.50 percent interest
According to SBI’s website, senior citizens will get an additional interest of 0.50 percent. Under the scheme, 7.50 percent interest is being received on FDs of 5 years to 10 years. In this scheme, you can book FD using netbanking or Yono app or by visiting the branch. Its interest can be received every month, quarter, half year or annually. Later interest on FD will be available after deducting TDS. SBI offers 0.50% higher interest rate to senior citizens, Interest rates on Regular Fixed Deposits range between 3.50% and 7.50% for tenures ranging from 7 days to 10 years.
You will get 10 lakhs on an investment of 5 lakhs, in this FD scheme your money will double in 10 years. That is, if you invest Rs 5 lakh, then after 10 years you will get more than Rs 10. For 5 lakh rupees, you will get 5.5 lakh rupees in 10 years as interest. The bank is paying interest at the rate of 6.5 per cent on 10-year FD on regular FD.
SBI has also extended the last date of Amrit Kalash FD scheme, apart from this, SBI has also extended the period of Amrit Kalash Special FD scheme. Under this scheme, SBI offers the highest rate of interest to senior citizens and others as compared to FDs of other tenures.
